If we are buying a house on owner contractbut its now being foreclosed on, what can we do?

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If we are buying a house on owner contractbut its now being foreclosed on, what can we do?

We put 25k down on this house and had a contract drawn up by a title company. This was in 09/09. We pay through an escrow service that pays our homeowner’s insurance/taxes, then sends the difference to the original owner (who was supposed to pay their loan). We were served with papers from their lender that the house will be auctioned off in 04/11. Are we just going lose everything? Should we stop making payments? Any chance, with our low credit score of getting that bank or any other to finance us or let us assume the loan?

Asked on December 17, 2010 under Real Estate Law, Oregon

Answers:

M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 10 years ago | Contributor

Listen, you need to seek legal help in your are as soon as you can - like yesterday.  Someone needs to read this contract and someone needs to figure out who you have to sue here.  And believe me: you have to sue someone here.  At this point in time you have paid a lot on the house and have some form of leverage here.  It is true that a low credit score will be working against you to obtain a mortgage but maybe you can work something out.  This is like a big puzzle to figure out here.  Just take a deep breath and go see someone who is well respected in real estate law in your area.  Good luck to you.


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